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May 4, 2012
05/12
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dan loeb says scott thompson needs to go. what say you? >> i'm totally in dan loeb's camp on this. there's just no way if i work at yahoo! and i see scott thompson come in and give a talk to me from now on, i'm going to see his lips flapping, but all i will be thinking about is why in the heck would you make up a major you took one course in in college? who does that? i think he has no credibility in the eyes of the employees. and i think shareholders, you know, feel a sense of betrayal. not just with him, but with patty who picked him and apparently no vetting process that went on before giving him the top job. >> so if shareholders want to see thompson go, who do you think they would like to see in his place, eric? >> well, i think it's too early to say. i think the first thing that needs to be done is there needs to be a clean-up of the board. i think dan loeb and the three other nominees he's put forward should be put on the board right away. i think they're going to obviously the board's going to have to decide who to pick. i think there are some internal candidates. there's a
dan loeb says scott thompson needs to go. what say you? >> i'm totally in dan loeb's camp on this. there's just no way if i work at yahoo! and i see scott thompson come in and give a talk to me from now on, i'm going to see his lips flapping, but all i will be thinking about is why in the heck would you make up a major you took one course in in college? who does that? i think he has no credibility in the eyes of the employees. and i think shareholders, you know, feel a sense of betrayal....
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May 4, 2012
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and dan loeb? >> it is getting interesting. dan loeb is famous for his letters and he's going right after yahoo! in this letter. listen to this. i want to use the language that dan loeb is using here. identification of material and inaccuracies of ceo scott thompson and patty hart's education record was, quote, insulting to shareholders. they say it's the height of arrogance to call this addition of alleged major -- the height of arrogance, basically, to call it inadvertent. they also say it is a big deal. they say the third point will consider it grounds for further action if the board does steps n monday. one, reveal the process by which it vetted mr. thompson as a candidate, disclose whether any board member basically was aware of mr. thompson's dedeception.d and give out more information to shareholders regarding what they knew. and here's the last one, scott. i saved the best or at least the meatiest for last. number four, the demand third point is making, terminate mr. thompson for cause immediately given his demons rabbl
and dan loeb? >> it is getting interesting. dan loeb is famous for his letters and he's going right after yahoo! in this letter. listen to this. i want to use the language that dan loeb is using here. identification of material and inaccuracies of ceo scott thompson and patty hart's education record was, quote, insulting to shareholders. they say it's the height of arrogance to call this addition of alleged major -- the height of arrogance, basically, to call it inadvertent. they also say...
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May 14, 2012
05/12
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a big, a big win for hedge fund manager dan loeb of third point. ceo scott thompson out after weeks of scrutiny over inaccuracies on his resume. just like week piper jaffray analyst jean muenster told us investors shouldn't be worried about so-called resumegate. >> i understand there's integrity issues around this that you can kind of go back to, but the reality is this, when you make this find of hire, yes it's an oversight but does it really matter what the person did back in college? it's more about what they've done more recently. i think there's some things that can scott thompson can do to fix yahoo and to change leadership at this point seems like it's not the right thing to do. >> let's bring in gene muenster now on the fast line, see what he thinks. he's not going to have tat chance to do some of the things that you thought he could. where do you come now on yahoo? have you changed your opinion? >> -- sets the -- hello, hello. yes, disappoint. sets the company back another six months. sets back the old game plan which wasn't that old, and
a big, a big win for hedge fund manager dan loeb of third point. ceo scott thompson out after weeks of scrutiny over inaccuracies on his resume. just like week piper jaffray analyst jean muenster told us investors shouldn't be worried about so-called resumegate. >> i understand there's integrity issues around this that you can kind of go back to, but the reality is this, when you make this find of hire, yes it's an oversight but does it really matter what the person did back in college?...
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May 13, 2012
05/12
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. >> i'm glad you brought up dan loeb. dan loeb was an activist investor, upset with the company management, he went digging, he finds this out. was that ethical? >> yes. it's perfectly reasonable for him to bring up actual, true information about the company. what's not appropriate is this response of complete umbrage. he does not care that scott thompson lacks a computer science degree. that will not affect his ability to be a good manager. you can look at his tenure at pay pal and say, is he good at his job or not? daniel lowe is looking for ammunition. that's tactics. >> this is business fear, right? you've got senator marco rubio, elizabeth warren, they have faced criticism as well because of the truth of family stories about their backgrounds in some degree. are they responsible for fact-checking their parents and grandparents? >> yes, they are. i think fact-checking is an extreme word for this. elizabeth warren knew her family history and family stories, mark rubio knew his too. >> it feels like a gotcha cult tour.
. >> i'm glad you brought up dan loeb. dan loeb was an activist investor, upset with the company management, he went digging, he finds this out. was that ethical? >> yes. it's perfectly reasonable for him to bring up actual, true information about the company. what's not appropriate is this response of complete umbrage. he does not care that scott thompson lacks a computer science degree. that will not affect his ability to be a good manager. you can look at his tenure at pay pal...
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May 15, 2012
05/12
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i will not bet against dan loeb because he is too smart not to bring out value. i just don't know how much value there is to bring out. the brand is still worth something. plus, who would have thought that aol had so much intellectual property? who knows how much yahoo has? certainly not the just ousted management team. chesapeake is a lot harder. a balance sheet that is horrendous. the core of the business is nat gas. while we know there are foreign bidders, they might believe that if left alone, chesapeake could default on the obligations eventually. i don't believe this is the case. i keep hearing chesapeake reminds some people of enron. i don't believe that. they're doing so many things that people don't understand that at least i understand the aspersions. the opaque nature leaves a lot to be desired. judging from the filings, it's hard to figure out how chesapeake gets out of the box given how much debt it has and the seeming unwillingness to recognize the risks as we heard on today's conference call. i have no doubt that icahn would like to put the whole f
i will not bet against dan loeb because he is too smart not to bring out value. i just don't know how much value there is to bring out. the brand is still worth something. plus, who would have thought that aol had so much intellectual property? who knows how much yahoo has? certainly not the just ousted management team. chesapeake is a lot harder. a balance sheet that is horrendous. the core of the business is nat gas. while we know there are foreign bidders, they might believe that if left...
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May 9, 2012
05/12
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because dan loeb is going to speak shortly. i would say it's 100% in dan's corner. they think it's a cut and dry situation. the resume has to be factual and in this case there's a huge contingency that is hoping that loeb is successful because there could be similar attacks behind it if he gets the board he wants. >> i feel like in some cases, and this is just in some cases, you've got boards of directors in the pockets of ceos. somebody has to be the splipolin over here. do you think it's a silver lining behind the shareholder activism? >> it's an interesting thing, maria. half of what it was three or four years ago. it's only may, of course, but we're already in the midst of annual meeting season. you have a fairly good feel of what is going to play out. it's quality in this case, not quantity. you talked about the board of directors needing to be policed. chesapeake energy, where that issue is coming up again and again and again, you have a series of board members who, in some cases, appear to be conflicted, in other cases just doing their homework and may have b
because dan loeb is going to speak shortly. i would say it's 100% in dan's corner. they think it's a cut and dry situation. the resume has to be factual and in this case there's a huge contingency that is hoping that loeb is successful because there could be similar attacks behind it if he gets the board he wants. >> i feel like in some cases, and this is just in some cases, you've got boards of directors in the pockets of ceos. somebody has to be the splipolin over here. do you think...
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May 14, 2012
05/12
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david loeb is a very tough man in business. have you seen anyone tougher than dan loeb? >> not when you get on his bad side. which i try not to do. yahoo! came out with a belligerent press release in which they questioned loeb's qualifications to be a board member. >> oh, man. >> i know for a fact, dan had this in his back pocket and was waiting. he might have used it at some point. but then he wanted to use it right away. >> let me jump in here. jpmorgan finally has out a release. the chief investment officer will retire from the firm. has served for more than 30 years as the head of the chief investment office. matt zames, head of capital markets of the mortgage bank, will succeed her. jamie dimon, says her vast contributions to our company shouldn't be overshadowed by these events. any surprise, jim? >> no. she needs more time with her family. but to be candid, people at home read these bonuses. she was paid $11 million. people want that money given back. these are all very wealthy people. they have tens of millions of dollars in municipal bonds. they have a beach hou
david loeb is a very tough man in business. have you seen anyone tougher than dan loeb? >> not when you get on his bad side. which i try not to do. yahoo! came out with a belligerent press release in which they questioned loeb's qualifications to be a board member. >> oh, man. >> i know for a fact, dan had this in his back pocket and was waiting. he might have used it at some point. but then he wanted to use it right away. >> let me jump in here. jpmorgan finally has out...
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May 15, 2012
05/12
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end of the quarter dan loeb's firm earned 5.7% of yahoo!. unveiling new stakes in cisco and apple and raised their stake in sara lee. david einhorn's green light in expedia and computer sciences. csc, they eliminated their stake in yahoo! and first solar. einhorn and loeb see very differently. dell also trimming a little microsoft and gm. so maria the headline there is one hedge fund manager loves yahoo!. the other one, not so much. >> if you need to. >> all right. thanks a lot, brian. we'll be watching to see if there is movement in those stocks. listen to this. >> this is all part of a process of educating the american people on what the financial industry is doing, the fact that morgan stanley is spending millions of dollars lobbying for deregulation and creating a vulnerable crash like the one we had in 2008. >> so as financial shares weaken and protesters take to the streets against the banks, is morgan stanley's stock a buy or a sell? we'll have an all out brawl. stay with us. riding the dog like it's a small horse is frowned upon in t
end of the quarter dan loeb's firm earned 5.7% of yahoo!. unveiling new stakes in cisco and apple and raised their stake in sara lee. david einhorn's green light in expedia and computer sciences. csc, they eliminated their stake in yahoo! and first solar. einhorn and loeb see very differently. dell also trimming a little microsoft and gm. so maria the headline there is one hedge fund manager loves yahoo!. the other one, not so much. >> if you need to. >> all right. thanks a lot,...
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May 3, 2012
05/12
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i want to let our viewers know, dan loeb, a very well-known hedge fund manager going after yahoo! saying we need three new board seats, they gave him three new seats but didn't give dan a seat. he wanted one. so to be clear loeb is firing out publicly at the credentials of the ceo of yahoo!? >> yeah. i call it like a reference the guy who took the notre dame job years back and found a discrepancy and he lost his job. this is a very aggressive thing to do with an open letter to the board of directors of yahoo!. so to repeat they basically say they had misinformation on a 10k said he had a double degree in accounting and computer science. yet they didn't have a degree in computer science where he went. >> thank you very much for the breaking news. brian shactman, and, tom, thank you very much for joining us today. >> sorry to cut it a bit short. thank you, we'll get you back on soon. >> thank you for having me today. the curse of live tv. up next, we are calling them the cursed cousins like sketchers related to nike. we're going to find out why and what the trade is. >>> before we h
i want to let our viewers know, dan loeb, a very well-known hedge fund manager going after yahoo! saying we need three new board seats, they gave him three new seats but didn't give dan a seat. he wanted one. so to be clear loeb is firing out publicly at the credentials of the ceo of yahoo!? >> yeah. i call it like a reference the guy who took the notre dame job years back and found a discrepancy and he lost his job. this is a very aggressive thing to do with an open letter to the board...
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May 25, 2012
05/12
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KGO
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and dan loeb thinks it's well deserved. >> we have a second highest unemployment rate in the country. jobs are leaving california in record numbers. sacramento spends beyond its means. we zront a spending cap. you know? i don't blame them. >> the commission slachs pay 18%, cutting salary from $116,000 a year to current $95,000. another 5% would take pay down to $90,000 a year, they still would be able to keep their 142s aids day tax free per diem for living expenses. critics say every day people won't be able to run for office is the @ this rate. >> i'm concerned because the commission continues in the direction it's headed only rich people will serve. only rich people are serving voters have to ask who are they serve something. >> and it began reimbursing them 53 cents per mile. for many with big districts that is more expensive than giving them a car. >> they're in the saving money. they're costing more money. >> office older pay cuts won't solve the $16 billion deficit, the must have may do more than send a message. >> it's only 25% approving of job performance, people think that m
and dan loeb thinks it's well deserved. >> we have a second highest unemployment rate in the country. jobs are leaving california in record numbers. sacramento spends beyond its means. we zront a spending cap. you know? i don't blame them. >> the commission slachs pay 18%, cutting salary from $116,000 a year to current $95,000. another 5% would take pay down to $90,000 a year, they still would be able to keep their 142s aids day tax free per diem for living expenses. critics say...
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May 8, 2012
05/12
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last week, dan loeb pointed out thompson's biosays he received a computer science degree in college when it turns out he did. loeb is fighting to get his own slate of directors on the board is demanding thompson's resignation. jon, back over to you. >> thank you very much. we'll check back in with you later. >>> a jolt of sweetness for the growing bay area. >> our business and tech reporter scott budman braving the bees for a story that's getting a lot of buzz. >> reporter: with the small company style personal service, blue bottle coffee has quickly become one of the bay area's must-have products. but there's something unusual on the roof of its oakland headquarters these days. beehives. they're raising honey bees here because long time blue bottle customer and beekeeper asked if he could use the roof. >> we weren't doing anything with our roof so we figured it would be fun to have a special project and if we got a little bit of honey out of it to use, it could be really fun. >> reporter: contrary to what you may think, oakland in an urban city environment is actually a really good plac
last week, dan loeb pointed out thompson's biosays he received a computer science degree in college when it turns out he did. loeb is fighting to get his own slate of directors on the board is demanding thompson's resignation. jon, back over to you. >> thank you very much. we'll check back in with you later. >>> a jolt of sweetness for the growing bay area. >> our business and tech reporter scott budman braving the bees for a story that's getting a lot of buzz. >>...
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May 8, 2012
05/12
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dan loeb is taking care of the shareholders. by the way, the policemen, the firemen and teachers, all the people who own yahoo, who's looking out for the shareholders? >> but my question here is would this be overlooked as just a minor infraction, brian, if the company was doing really well? the ceo was kicking butt, the stock was kick butt. would it be overlooked? if someone was doing a fantastic job, do you think the shareholders would be more likely to just let it go? >> perhaps. however, you've got a high-octane, very visible technology company that's under fire. the board's been under fire now for years, going all the way back to when jerry yang was ceo. you pay extra attention when the spotlight is on you. and unfortunately, this board and the search firm dropped the ball. >> brian sullivan, thank you very much for joining us. >> thanks, mandy. thanks, brian. >> no problem, brian. i love that name. from yahoo to rim. when it comes to finding the right executives for the job, you have to ask yourself, who exactly would want
dan loeb is taking care of the shareholders. by the way, the policemen, the firemen and teachers, all the people who own yahoo, who's looking out for the shareholders? >> but my question here is would this be overlooked as just a minor infraction, brian, if the company was doing really well? the ceo was kicking butt, the stock was kick butt. would it be overlooked? if someone was doing a fantastic job, do you think the shareholders would be more likely to just let it go? >> perhaps....
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May 10, 2012
05/12
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much more on what third point's dan loeb told me exclusively about the company here at salt. and a controversial socialist who could be the next prime minister of greece. does he want greece to stick with the euro? michelle caruso-cabrera has a cnbc broadcast exclusive at 1:00 p.m. eastern time. between black and white answers... ...and 1,000 shades of grey duff & phelps finds the sweet spot that powers sound decisions. duff & phelps financial advisory and investment banking services. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 open an account tdd# 1-800-345-2550 and trade up to 6 mont
much more on what third point's dan loeb told me exclusively about the company here at salt. and a controversial socialist who could be the next prime minister of greece. does he want greece to stick with the euro? michelle caruso-cabrera has a cnbc broadcast exclusive at 1:00 p.m. eastern time. between black and white answers... ...and 1,000 shades of grey duff & phelps finds the sweet spot that powers sound decisions. duff & phelps financial advisory and investment banking services....
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dan loeb accusing thompson of lying about his college degree. he lists a bachelor's degree in computer science from stonehill college. the school loeb said did not begin offering such a degree until four years after thompson graduated and he said thompson has an accounting degree. yahoo called it quote an error and the tech giant added this is no way to alter the facts that mr. thompson is a highly-qualified executive. >> and quick look at the numbers today with day two of losses as investors await tomorrow's big monthly jobs report. your bloomberg silicon valley index closed down lower, if you can't make knit hollywood, maybe you can on you tube. that is what some are hoping anyway. the site spends $100 million on original programming. you tube is funding film makers and proven hit makers and creates 100 new channels and hopes to gsh -- google hopes to woo some of the big advertising names. the big question is..., though, whether advertisers will follow and if so, just how much will they spend. at bloomberg studios i'm emily chang with bloomber
dan loeb accusing thompson of lying about his college degree. he lists a bachelor's degree in computer science from stonehill college. the school loeb said did not begin offering such a degree until four years after thompson graduated and he said thompson has an accounting degree. yahoo called it quote an error and the tech giant added this is no way to alter the facts that mr. thompson is a highly-qualified executive. >> and quick look at the numbers today with day two of losses as...
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May 14, 2012
05/12
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much better looking guy dan loeb has won out. the company installed a better looking man without that fu-man chu thing. >> i think bosstock left in february. >> he said he was going to accept down but testifies technically still on until the summer before it was all over. >> he also brought in two board members who came with him, harry wilson, who is frequent guest host here will be one of those. we should call harry and get him back on. >> and michael wolf, former cfo of via come. he was sitting next to alec baldwin during the twitter incident on the plane. >> he outed him. >> he always gets confused with the "vanity fair" version of michael wolf. >> was he ever a contributor? we've had him on quite a bit. yahoo! did you see the list? it has had quite a rose gallery of ceos that have passed through recently. you had the guy remember -- what was the first guy? he always wore black. >> tim kugel. his head used to look look it was -- he would be against a black background and he had a black shirt on, so it looked like his head was
much better looking guy dan loeb has won out. the company installed a better looking man without that fu-man chu thing. >> i think bosstock left in february. >> he said he was going to accept down but testifies technically still on until the summer before it was all over. >> he also brought in two board members who came with him, harry wilson, who is frequent guest host here will be one of those. we should call harry and get him back on. >> and michael wolf, former cfo...
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>> there is dan loeb taking legal action against yahoo, demanding to see all documents related to the hiring of the ceo. this comes after the company admittedded he does not have a computer science degree and in a letter loeb urging the board to fire thompson but it doesn't stop there. third point requested records related to appointment of patty hart and on the stlex of five new board members joining recently. yahoo couldn't be reached for comment today but we do know the board is meeting to discuss the situation as we speak. in the valley, a jury reaches a partial verdict finding google guilty of infringing ora cell's jobless tools. and the verdict came down after the judge question aid juror who allegedly spoke with her husband about this case. the juror insisted the discussion did not influence her decision. >> and the damages will be taken up after that. so there is a ways to go. and billionaire warren buffet who has most lay voided investing in technology says he has no interest of buying shares of google or apple. responding to a question he said and i quote, boy not be surpris
>> there is dan loeb taking legal action against yahoo, demanding to see all documents related to the hiring of the ceo. this comes after the company admittedded he does not have a computer science degree and in a letter loeb urging the board to fire thompson but it doesn't stop there. third point requested records related to appointment of patty hart and on the stlex of five new board members joining recently. yahoo couldn't be reached for comment today but we do know the board is...
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May 16, 2012
05/12
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last time i talked about how dan loeb and carl icahn are trying to force yahoo! and chesapeake energy to make some moves and unlock hidden value. as much as i respect these two gentlemen i don't think there's that much upside. no matter what loeb does and chesapeake very risky here. i wouldn't bet against either of these two gentlemen. they are too good long term. however i'm not sure i would bet with them at least not in these two cases. these stocks are hard to value on their own and don't that have growth we like to see or the potential growth for that matter. if you're going piggyback in this kind of scenario what you want are not troubled companies like yahoo! or chesapeake the latter with the terrible balance sheet the former getting its butt kicked by everybody. the best opportunities are in underperforming companies where the underlying franchise is still extremely sound. companies where management might be considered asleep at the wheel, but a lot of good could be done if someone would wake them up and tell them listen, here's what you ought to focus on,
last time i talked about how dan loeb and carl icahn are trying to force yahoo! and chesapeake energy to make some moves and unlock hidden value. as much as i respect these two gentlemen i don't think there's that much upside. no matter what loeb does and chesapeake very risky here. i wouldn't bet against either of these two gentlemen. they are too good long term. however i'm not sure i would bet with them at least not in these two cases. these stocks are hard to value on their own and don't...
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May 10, 2012
05/12
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apeople really know the business and the proxy battle that dan loeb here, i'm so disappointed with great people on this board and even now what you're seeing is a the current interim ceo. he left -- he was taken out of that position and apparently it didn't work out for him. six months later he was out of work. and last week he's talking about reporting this to this guy, it's a very bad recovery process let alone discovery shouldn't take this long. >> i was going to ask about third point. >> every shareholder -- >> what do you make of an kt visit group? they want control of this company ultimately. they want members of their own group on the board there. >> that's okay. they are owners. and couldn't that be an interruption to management of the company because others have an ax to grind? >> absolutely not. the management at yahoo! can't do any worse than they have done. they are down over 75% from their high. the stock just keeps heading straight to zero and these owners, like third point and others, have the right to come in. we have to stop calling them activists. they are owners watchi
apeople really know the business and the proxy battle that dan loeb here, i'm so disappointed with great people on this board and even now what you're seeing is a the current interim ceo. he left -- he was taken out of that position and apparently it didn't work out for him. six months later he was out of work. and last week he's talking about reporting this to this guy, it's a very bad recovery process let alone discovery shouldn't take this long. >> i was going to ask about third point....
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May 3, 2012
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dan loeb has three people he wants to put on the board, right? himself -- >> four. >> tell me about that. can this kind of information be enough and in terms of pushing ideas to board of directors? >> in terms of ethicses and character, it can become important as to who they should seat when the annual meeting comes up. he's got four nominees by many comparisons they are very strong. as i said, the company itself objects to mr. loeb wanting to be on the board. they claimed of course they would agree to one, harry wilson. that wasn't enough to satisfy loeb. we'll see if this bubbles up into something more. my sense is it does not but it reflects how nasty this already is and will get as we move ahead. >> sure. thank you. up next, the biggest interview that you don't want to miss. aig bailed out by taxpayers, it's been on a tremendous recovery as of late. the company earnings are out and momentarily we will talk with the ceo of aig. the company reported $1.65 versus an estimate of $1.12. >>> and then facebook ready for its spotlight. the company ta
dan loeb has three people he wants to put on the board, right? himself -- >> four. >> tell me about that. can this kind of information be enough and in terms of pushing ideas to board of directors? >> in terms of ethicses and character, it can become important as to who they should seat when the annual meeting comes up. he's got four nominees by many comparisons they are very strong. as i said, the company itself objects to mr. loeb wanting to be on the board. they claimed of...
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May 3, 2012
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dan loeb's group saying there was a mistake on scott thompson's resume, that he in fact didn't have a computer science degree. yahoo! responding that that is in fact true. he only has an accounting degree from stonehill college in massachusetts, calling it an ined ined a ver tant error. this is from yahoo!. scott thompson's degree was in bachelor of science in accounting. this in no way alters that fact that mr. thompson is a highly qualified executive with a long track record. yahoo! is moving forward to grow the company and drive shareholder be value. interesting to note, maria, the stock actually had strengthened a little bit after the news first came out whether they make a big deal of this or not. it could hurt his credibility in the tech world. it could hurt his credibility overall. we'll see if mr. loeb wants the right seats on the board of directors of yahoo! >> we haven't seen much reaction. not a big reaction. now you're saying that the company is confirming it. we'll see if that actually matters to people at this point. interesting story there, brian. >> it is fascinating,
dan loeb's group saying there was a mistake on scott thompson's resume, that he in fact didn't have a computer science degree. yahoo! responding that that is in fact true. he only has an accounting degree from stonehill college in massachusetts, calling it an ined ined a ver tant error. this is from yahoo!. scott thompson's degree was in bachelor of science in accounting. this in no way alters that fact that mr. thompson is a highly qualified executive with a long track record. yahoo! is moving...
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dan loeb joins the board which will be three seats smaller. ross levenson taking over as interim ceo. ex-ceo scott thompson will get no severance for his four months at the top. jpmorgan will be in the news again tomorrow. the annual meet willing be the first time jamie dimon faces rank and file shareholders since he disclosed the $2 billion trading loss last thursday. >>> and larry, the european banking weakness spreads to italy as moody's downgrades 26 banks because of reduced level of support they might receive from the italian government. that's all for now. back to you. >> many thanks, cnbc's courtney reagan. >>> up next on kudlow, did they use taxpayer-insured money? i'm talking fdic-backed deposits to make their risky bets? did we not learn anything from 2008? >>> and later on, successful americans renouncing their u.s. citizenship up sevenfold since 2008. mr. president, we've got a high tax problem. we're not competitive. america can't afford a brain drain. stay with us. much more to come. it's very important to understand how math and
dan loeb joins the board which will be three seats smaller. ross levenson taking over as interim ceo. ex-ceo scott thompson will get no severance for his four months at the top. jpmorgan will be in the news again tomorrow. the annual meet willing be the first time jamie dimon faces rank and file shareholders since he disclosed the $2 billion trading loss last thursday. >>> and larry, the european banking weakness spreads to italy as moody's downgrades 26 banks because of reduced level...
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i don't think it is worth buying it just for the asian assets unless you are a guy like dan loeb can actually get in there and work against the board and cork straight something. if you're a regular investors, stocks are trending to new highs. there are stocks breaking out. why would you go through the frustration if you didn't have billions on the line and this didn't really matter to you? so i think it is an avoid. it is fun to talk about. the stock's been the same price since i barmitzvahed. i don't see any reason to be invested here. >> okay, mr. contrarian, cortez, everybody's against yahoo!. are you for it? >> i'm not because it is just too boring. it's just gone sideways forever. i don't like tech in general. the main reason i don't like tech right here is the price action in apple. i think yesterday's trade at apple was dismal. it is important to note that we have now given up more than half of the earnings pop from last week at apple. i think tech is a place to at least avoid and perhaps short. >>> coming up on the halftime report, who will lead the big push into mobile paym
i don't think it is worth buying it just for the asian assets unless you are a guy like dan loeb can actually get in there and work against the board and cork straight something. if you're a regular investors, stocks are trending to new highs. there are stocks breaking out. why would you go through the frustration if you didn't have billions on the line and this didn't really matter to you? so i think it is an avoid. it is fun to talk about. the stock's been the same price since i barmitzvahed....
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May 24, 2012
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and dan loeb. star bird coming in demanding seats on the board. there's a fight. is there going to be an activist win from change holders just from being pressed from outside investors? >> i got to tell you as somebody that analyzes the company and the stock, i think leadership is taking the right steps. i think the current leadership has done a lot in terms of patent sale to deliver value shareholders. ben's points are well taken but the fact is display is growing. it's not growing double digits, but you still have a very attractively value name. and i think management's done some things, whether it's to help give a jolt to the operating momentum or to cut costs. and that's what we were referring to on the guidance raising profitability. they've done a good job. >> right. >> i think that aol's got a lot going for it. and it's got some momentum here. no, it's not a high-flier. it's not a fast growing company, but it's one of the deep value names that no one would almost think about buying. but because of the profitability and the multiple, it may be worth a second
and dan loeb. star bird coming in demanding seats on the board. there's a fight. is there going to be an activist win from change holders just from being pressed from outside investors? >> i got to tell you as somebody that analyzes the company and the stock, i think leadership is taking the right steps. i think the current leadership has done a lot in terms of patent sale to deliver value shareholders. ben's points are well taken but the fact is display is growing. it's not growing...
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dan loeb and the other michael wolf joining the board. >>> and the oklahoma city thunder on a hot streak. they could be in trouble because chesapeake energy in financial fallout of the team. >> he's one of the owners, correct? >> he might need one of those. >> he's going to need one of those. >> back after this. k after this. we love theme parks but with four kids, it can just be too expensive. yeah, so to save money we just made our own. oh no! what could be worse than ninety-foot swells?! typhoon! first prize! it's a cheese grater. wooooo... this isn't scary. are you kidding me? look at that picture of your mom's hair from the '80s. there's an easier way to save. wooohooo... geico. fifteen minutes could save you fifteen percent or more on car insurance. [ male announcer ] we began with the rx. ♪ then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx. this is the next chapter for lexus. this is the pursuit of perfection. >>> well, tomsohn is out of yahoo!. ross levi nsohn is in. brian su
dan loeb and the other michael wolf joining the board. >>> and the oklahoma city thunder on a hot streak. they could be in trouble because chesapeake energy in financial fallout of the team. >> he's one of the owners, correct? >> he might need one of those. >> he's going to need one of those. >> back after this. k after this. we love theme parks but with four kids, it can just be too expensive. yeah, so to save money we just made our own. oh no! what could be...
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dan loeb tightening the noose here on this issue. not going to let it go. he still wants his board members to be voted in. sue. >> jon, thank you very much. speaking of jobs, we're going to talk more about the yahoo! situation and jobs in general. do you want a high paying job? well, we know a guy who can help you. he's coming up next. first, check out this high paying job in chicago. $115,000 for a safety and security manager in the windy city. with the dow down 160 points, "power lunch" is back in two minutes. minutes. about saving money. this is bobby. say hello bobby. hello bobby. do you know you could save hundreds on car insurance over the phone, online or at your local geico office? tell us bobby, what would you do with all those savings? hire a better ventriloquist. your lips are moving. geico®. fifteen minutes could save you fifteen percent or more on car insurance. choose control. introducing gold choice. the freedom you can only get from hertz to keep the car you reserved or simply choose another. and it's free. ya know, for whoever you are that
dan loeb tightening the noose here on this issue. not going to let it go. he still wants his board members to be voted in. sue. >> jon, thank you very much. speaking of jobs, we're going to talk more about the yahoo! situation and jobs in general. do you want a high paying job? well, we know a guy who can help you. he's coming up next. first, check out this high paying job in chicago. $115,000 for a safety and security manager in the windy city. with the dow down 160 points, "power...
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last week hedge fund manager dan loeb pointed out that. he's fighting to make changes on the back court. yahoo! and igt, taking a look at prices right now, looking like we're higher and a little lower on igt, down about 0.8%. ross. >>> before that loeb was the president of paypal. earlier we spoke with the ceo of paypal and we talked about what he felt were scott's problems. >> scott did a very good job at pay pall, a good leader. and as a fellow ceo, i'm very supportive of scott and i hope it resolves its in a way that everyone can get back to work. >>> and bank of america holds its annual meeting in charlotte, north carolina today. they're voting on several proxy issues and ceo brian moynihan is expected to get the thumbs up on his pay package. sparks may fly outside b of a's headquarters. they'll be looking at their situation where it will give police more power to search near a major gathering. >>> and green mountain coffee roasters shake up things as well. demoting lead director william davis. now, green mountain's stock fell sharply
last week hedge fund manager dan loeb pointed out that. he's fighting to make changes on the back court. yahoo! and igt, taking a look at prices right now, looking like we're higher and a little lower on igt, down about 0.8%. ross. >>> before that loeb was the president of paypal. earlier we spoke with the ceo of paypal and we talked about what he felt were scott's problems. >> scott did a very good job at pay pall, a good leader. and as a fellow ceo, i'm very supportive of scott...
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>> dan loeb has gone from swooning from the president to writing very angry letters to his investors about the president. in a more low-profile way, paul tutor jones threw away a fund-raiser for the president in 2007 with george soros. it was a big event. it was a signal. he has gone over to the romney side. he has given $200,000 to the romney super pac and it's a little embarrassing for the people in the obama world who are the ambassadors trying to raise money from the wall street crowd. >> nicolas, thank you for joining us. >> let's go back to the markets. there's intense pressure in the oil market. we just lost $98. it's the eye of the storm, it would appear, for the market trading across the board. even consumer staples and health care is in negative terms. preparing for the third hour of "squawk on the street." rick? >> simon, a lot of people are hanging by a thread in terms of job creation. the big story is how many people are dropping out of a labor market. market. [ barking ] appears buster's been busy. yeah, scott. i was just about to use... that's a bunch of ground-up pape
>> dan loeb has gone from swooning from the president to writing very angry letters to his investors about the president. in a more low-profile way, paul tutor jones threw away a fund-raiser for the president in 2007 with george soros. it was a big event. it was a signal. he has gone over to the romney side. he has given $200,000 to the romney super pac and it's a little embarrassing for the people in the obama world who are the ambassadors trying to raise money from the wall street...